Running for the Exits
We had some very interesting action today. The indices averaged about a 2% drop on the back of a much better than expected ISM Services report. That’s not what the bulls want to see. Despite the large percentage drops, only the Nasdaq had an increase in volume. And even that increse only took volume up to the average level. So things may not have been as bad as they looked. The VIX is starting to show a bit of fear, but I think the lack of volume today still shows a lot of complacency.
tagged: Breakdown, Island-Reversal, Trading-Range and VIX
